ad hoc

Trustee of SKW Stahl-Metallurgie Holding AG rejects dismissal of sole member of management board previously resolved by supervisory board

Munich, May 30 2018 – Dr. Christian Gerloff, the court appointed trustee of SKW Stahl-Metallurgie Holding AG, currently subject to insolvency proceedings under self-administration, has informed the company today that he refuses to give his approval which is according to sec. 276a German Insolvency Code a necessary prerequisite for the dismissal of the sole member of the management board, Dr. Kay Michel, and also for the appointment of supervisory board member Dr. Olaf Marx as member of the management board, because this change would result in disadvantages for creditors of the company. 

Dr. Marx had previously notified the company that the newly assembled supervisory board under his chairmanship has resolved to dismiss Dr. Kay Michel as member of the management board of SKW Stahl-Metallurgie Holding AG and to appoint Dr. Marx as substitute for Dr. Michel pursuant to sec. 105 para. 2 German Stock Corporation Act for a term of one year. Now, these resolutions do not become effective. 

Dr. Michel continues to manage the business of the company as the sole member of the management board. 

Frank Elsner 
Frank Elsner Kommunikation für Unternehmen GmbH 
Telefon: +49 89 99 24 96 30 
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